Over the past few decades the cost of going to college has sky rocketed way beyond the rate of inflation. When I asked one of our new hires why she paid so much to go to a private university instead of going to our local community college she said: "I didn't realize colleges were businesses." Her answer was very astute. Colleges and Universities have taken advantage of generous student loan programs, bloated their payrolls, increased salaries and paid little attention to controlling costs. The young staff member told me her student loan debt was more than the cost of two new cars. People who work for these colleges and universities have convinced gullible students and parents their huge debt would be easily paid off by high paying jobs after they graduate. It was a lie they were all in on. The tide started to turn a few years ago as more and more parents encouraged their kids to attend community colleges or state colleges. Private universities and colleges were forced to be more competitive. This week Fairleigh Dickinson University announced the annual full time tuition for the Teaneck and Florham Park Campuses would be reduced by more than $10,000. Although $32,000 a year is still very expensive compared to community college. It's better than the $43,000 it was before. Drew University cut tuition by 20 percent in 2017. Last month Ryder University announced a 22 percent tuition reduction. Let's hope this trend continues. There's no reason why our state universities and community colleges can't try a little harder to keep costs down as well.
Source: NJ.COM